Germany’s biggest federal-state agency issuers have taken a longstanding, strategic approach to building a presence in the Kangaroo market. This year the borrowers are likely to offer better relative value than ever, as the German sovereign and state issuers are forecasting declining debt-issuance tasks. In March, L-Bank convened a roundtable in Sydney with its dealers, local investors and its peer, NRW.BANK, to exchange information on the sector’s positive funding-profile trajectory and the state of market liquidity and relative value.